Because I'm a sports fan, this has always been one of my favorite times of the year: We are celebrating the return of baseball, with many teams having their home Opening Day this week.

Now what do baseball and insurance have in common? A lot more than you might think, actually. As a baseball fan I enjoy reading about—without fully comprehending—some of the advanced statistics available to fans and baseball insiders, represented in large part by the Society of American Baseball Research (SABR). These "sabremetricians," as they are known, do have something in common with insurers. They take huge amounts of data and turn it into actionable information.

While many baseball fans remain skeptical of or outright reject the use of advanced statistical formulas, executives in the insurance world, fortunately, are hungry for this information and are convinced that getting a 360-degree view of their customer—both agents and policyholders—is worthwhile. They actively take this information and turn it into strategies for attracting new business, rejecting old business and sorting through claims.

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